Investor Presentaiton

Tokyo Office Market Higher occupancy for Grade A office in Tokyo central 5 wards at 95.3% while Grade B office occupancy increased to 96.5% in 3Q 2023 Tokyo Central 5 Wards Grade A Rent and Occupancy Tokyo Central 5 Wards Grade B Rent and Occupancy 99.6% 99.8% 99.1% 99.0% 99.4% 98.7% 98.1% 97.8% 97.5% 96.3% 96.1% 96.1% 96.5% 96.5% 96.3% 95.8% 95.2% 95.3% 27,866 26,365 26,650 25,471 23,609 22,198 21,714 21,380 21,070 15,990 16,570 17,837 17,566 16,003 14,891 14,594 14,329 14,086 IIIII 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 1Q23 2Q23 3Q23 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 1Q23 2Q23 3Q23 I Grade A Net Effective Rent (JPY per tsubo pm) Keppel REIT Source: JLL Research, 3Q 2023. Grade A Occupancy (%) I Grade B Net Effective Rent (JPY per tsubo pm) Grade B Occupancy (%) 18

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